Exhibit 99.1
NEWS RELEASE
Contact: Raymond A. Link
Sr. VP Finance & CFO
Sawtek Inc.
Tel: (407) 886-8860
Fax: (407) 886-7061
E-mail: rl@sawtek.com
For Immediate Release
Sawtek Announces a Mid-Quarter Update for Quarter Ending March 31, 2001
Orlando, FL, February 26, 2001 - Sawtek Inc. (Nasdaq: SAWS) today
provided investors with a mid-quarter update for the quarter ending March 31,
2001.
Kimon Anemogiannis, President and Chief Executive Officer, stated, "The
slow down in the wireless communication sector continues and our order flow and
backlog are lower than originally projected for the quarter ending March 31,
2001. As a result, we are revising our outlook for this quarter. We are now
projecting revenues for the quarter ending March 31, 2001 to be somewhere
between $29 million and $31 million, gross profit margin is estimated at 52% to
53%, and earnings per share is estimated at $0.22 to $0.24. At this time, our
visibility for the remainder of the year is unclear, and we believe our revenue
and profits for the year will be below our previous estimates. We remain
optimistic about our long-term prospects with significant revenue projected from
our new products, including RF filters and our recently introduced RF cellular
duplexer product."
Conference Call
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Sawtek will be hosting a conference call with the investment community
on Tuesday, February 27, 2001 at 8:30 a.m. EST to discuss our outlook and to
answer questions. The toll dial-in number for the call is (706) 643-0906 (no
password required). The call can also be accessed via the Internet live at
http://www.vcall.com. For those who are unavailable to listen to the live
broadcast, a replay will be available by 11:00 a.m. EST February 27 through
midnight March 1, 2001 by dialing (706) 645-9291, then enter the pass code
553633. You can also access the replay via the Internet at http://www.vcall.com
for 30 days.
A transcript of management's comments will be available within 24 to 48
hours through our web site at www.sawtek.com.
About Sawtek
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Sawtek designs, develops, manufactures and markets a broad range of
electronic signal processing components based on surface acoustic wave, or SAW,
technology primarily for use in the wireless communications industry. Sawtek's
primary products include SAW filters for mobile handsets and infrastructure,
plus custom-designed, high performance bandpass filters, resonators, oscillators
and SAW-based subsystems. These products are used in a variety of microwave and
RF systems, such as CDMA, TDMA, AMPS, GSM and 3G digital wireless communications
systems, digital microwave radios, wireless local area networks, cable
television equipment, Internet infrastructure, various defense and satellite
systems, and sensors. You can access more information about Sawtek by visiting
our web site at www.sawtek.com.
Forward-Looking Statements
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This press release contains forward-looking statements made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Act of 1995.
Investors are cautioned that forward-looking statements such as statements of
the Company's plans, objectives, expectations and intentions involve risks and
uncertainties. The cautionary statements made in this release should be read as
being applicable to all related statements wherever they appear. Statements
containing terms such as "believes", "does not believe", "no reason to believe",
"expects", "plans", "projects", "intends", "estimates", "anticipates", or
similar terms, are considered to contain uncertainty and are forward-looking
statements. The Company's actual results could differ materially from those
discussed. Factors that could contribute to such differences include the
following: a decline in either the growth of wireless communications or the
acceptance of CDMA technology; our dependence on a few large customers;
competitive products or technologies that could reduce demand for our products
such as direct conversion or digital filtering technology; increased sales
through consignment agreements; our ability to successfully develop and bring
new products to market, particularly RF filters; our ability to successfully
increase production capacity; our dependence on a limited number of suppliers
for certain key raw materials; risks associated with international sales;
declining selling prices for some of our key products; decreased manufacturing
yields; cancellation of purchase orders by our customers; our inability to
protect our intellectual property or if we infringe on the intellectual property
of others; increased competition from other SAW suppliers; risks associated with
our Costa Rican operations; risk of natural disasters; and other risks discussed
in our SEC filings including Form 10K and Form 10Q, which can be accessed at the
SEC web site, www.sec.gov.
A reader of this release should understand that it is not possible to
predict or identify all such risk factors. Consequently, the reader should not
consider this list to be a complete statement of all potential risks or
uncertainties. We do not assume the obligation to update any forward-looking
statement.